Li Ka-shing's Market Value Management Technology

1. When talking about the stock value, Graham, who enjoys the reputation of "the godfather of Wall Street", famously said: "In the short term, the stock market is a voting machine-it reflects the voter registration test that only requires capital regardless of intelligence or emotional stability, but in the long run, the stock market is a weighing machine."

2. For this reason, Graham and his followers advocate that "buying stocks is buying companies"-learning from the owners of companies. The vast majority of business owners are really role models for value investors to learn: they are immersed in the company's value creation and turn a deaf ear to the daily fluctuations of the company's market value.

3. But Li Ka-shing, known as "Superman Lee" and occupying the position of the richest Chinese for many years, is obviously different from most people. Recently, Li Ka-shing, who is in the midst of the storm of divestment, was able to get a glimpse of his office scene through exclusive interviews with many media under the Southern Newspaper-there is a Bloomberg terminal in it, which displays the company's share price in real time.

This scene is not the only evidence that Li Ka-shing attaches importance to market value. In fact, the history of Lee's enterprise development in Li Ka-shing is a history of market value management, no matter from Li Ka-shing's understanding of market value management, the acquisition process of Changshi, or his care for enterprises and personal brands.

5. Market value consciousness

6. Lee's emphasis on market value management stems from Li Ka-shing's understanding of market value and risk. After the US subprime mortgage crisis, Li Ka-shing spent $8,000 to print and mount four AIG shares, one of which was kept in his office. It says in Chinese: "Take this as a mirror and apply what you have learned. This used to be AIG, the largest insurance company in the world. In May 2007, the stock price was $72.97 and the total market value was $1895.76 million. On September 6, 2008, it was 1.23 USD and1677 million USD respectively, and the market value dropped by more than 9 1%. "

7. People close to Li Ka-shing said that he wanted to warn the younger generation about the "risks". Great changes in market value are risky-Li Ka-shing realized it as early as the day Cheung Kong was listed.

8. 1972, 1 65438+1October,1,the shares of Cheung Kong were approved for listing. Within 24 hours after listing, the stock appreciation more than doubled, which means that the market value of Cheung Kong has doubled in one day.

9. The performance of the stock market cheered Cheung Kong. As a leading figure, it is hard to predict what kind of waves Li Ka-shing had at that time. However, the impression it left to the outside world was surprisingly calm.

10, according to the description of the relevant newspaper, Li Ka-shing understood, "The stock appreciation is so rapid that it will shrink instantly. The securities market is changing rapidly and fickle, and the risk will be far greater than other markets. "

1 1. The ups and downs of the securities market are not only affected by the market environment and emotions, but also by the unique "multiplier effect" of the capital market, that is, small changes in performance will be amplified by multiples of the price-earnings ratio.

12. Because of this, Li Ka-shing showed his "tight budget" for the company's performance data.

13, in this regard, the most widely known is an anecdote of Li Ka-shing during his stay in Beijing in 2006.

14. At that time, Li Ka-shing hosted a banquet in Beijing Grand Hyatt Hotel to entertain some students from cheung kong graduate school of business. The meal cost 20 thousand. After the meal, Li Ka-shing paid the bill out of his own pocket, and specially emphasized: "This meal is my personal money, not Changjiang Industry or Hutchison Whampoa."